Real Estate Expert: Calif. Drought Will Hit Housing Market 'Hard'

Real estate expert Pej Barlavi says that the current drought going on in California will have an impact on the real estate market in the Golden State.

"You're going to see a deficit of development and housing projects coming up, especially hitting the summer months when it gets to be very busy," Barlavi, CEO of Barlavi Realty, told John Bachman and Miranda Khan on "America's Forum" on Newsmax TV Tuesday.

"You're going to see everybody hit, from the home sellers to the home buyers. You're going to see that in the coming months, especially in the summer time," he said.